vs
奥多比（ADBE）与PLUG POWER INC（PLUG）财务数据对比。点击上方公司名可切换其他公司
奥多比的季度营收约是PLUG POWER INC的28.4倍（$6.4B vs $225.2M）。奥多比净利率更高（29.5% vs -375.6%，领先405.1%）。PLUG POWER INC同比增速更快（17.6% vs 12.0%）。奥多比自由现金流更多（$2.9B vs $-153.0M）。过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 9.8%）
奥多比（Adobe Inc.）前身为奥多比系统公司，是总部位于美国加利福尼亚州圣何塞的跨国计算机软件企业。旗下产品覆盖网页设计、图像处理、矢量创作、音视频编辑、移动应用开发、印刷排版、动画制作等多个领域，是全球领先的数字创意软件服务商。
普拉格能源是一家美国企业，专注于氢燃料电池和电解槽系统的研发，其产品可替代电动设备及车辆所使用的传统电池。公司总部位于纽约州斯林格兰兹，在华盛顿州斯波坎、纽约州罗切斯特均设有生产运营基地。
ADBE vs PLUG — 直观对比
营收规模更大
ADBE
是对方的28.4倍
$225.2M
营收增速更快
PLUG
高出5.7%
12.0%
净利率更高
ADBE
高出405.1%
-375.6%
自由现金流更多
ADBE
多$3.1B
$-153.0M
两年增速更快
PLUG
近两年复合增速
9.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $225.2M |
| 净利润 | $1.9B | $-846.0M |
| 毛利率 | 89.6% | 2.4% |
| 营业利润率 | 37.8% | -338.9% |
| 净利率 | 29.5% | -375.6% |
| 营收同比 | 12.0% | 17.6% |
| 净利润同比 | 4.3% | 36.7% |
| 每股收益（稀释后） | $4.60 | $-0.70 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ADBEPLUG
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $225.2M | ||
| Q3 25 | $6.0B | $177.1M | ||
| Q2 25 | $5.9B | $174.0M | ||
| Q1 25 | $5.7B | $133.7M | ||
| Q4 24 | $5.6B | $191.5M | ||
| Q3 24 | $5.4B | $173.7M | ||
| Q2 24 | $5.3B | $143.3M |
净利润ADBEPLUG
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $-846.0M | ||
| Q3 25 | $1.8B | $-361.9M | ||
| Q2 25 | $1.7B | $-227.1M | ||
| Q1 25 | $1.8B | $-196.7M | ||
| Q4 24 | $1.7B | $-1.3B | ||
| Q3 24 | $1.7B | $-211.2M | ||
| Q2 24 | $1.6B | $-262.3M |
毛利率ADBEPLUG
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 2.4% | ||
| Q3 25 | 89.3% | -67.9% | ||
| Q2 25 | 89.1% | -30.7% | ||
| Q1 25 | 89.1% | -55.3% | ||
| Q4 24 | 89.0% | -122.5% | ||
| Q3 24 | 89.8% | -57.6% | ||
| Q2 24 | 88.7% | -91.6% |
营业利润率ADBEPLUG
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | -338.9% | ||
| Q3 25 | 36.3% | -197.0% | ||
| Q2 25 | 35.9% | -101.7% | ||
| Q1 25 | 37.9% | -133.5% | ||
| Q4 24 | 34.9% | -678.7% | ||
| Q3 24 | 36.8% | -124.4% | ||
| Q2 24 | 35.5% | -170.7% |
净利率ADBEPLUG
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | -375.6% | ||
| Q3 25 | 29.6% | -204.4% | ||
| Q2 25 | 28.8% | -130.5% | ||
| Q1 25 | 31.7% | -147.1% | ||
| Q4 24 | 30.0% | -697.5% | ||
| Q3 24 | 31.1% | -121.5% | ||
| Q2 24 | 29.6% | -183.0% |
每股收益（稀释后）ADBEPLUG
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $-0.70 | ||
| Q3 25 | $4.18 | $-0.31 | ||
| Q2 25 | $3.94 | $-0.20 | ||
| Q1 25 | $4.14 | $-0.21 | ||
| Q4 24 | $3.75 | $-1.61 | ||
| Q3 24 | $3.76 | $-0.25 | ||
| Q2 24 | $3.49 | $-0.36 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $6.9B | $368.5M |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $11.4B | $978.1M |
| 总资产 | $29.7B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.47× | — |
8季度趋势，按日历期对齐
现金及短期投资ADBEPLUG
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $368.5M | ||
| Q3 25 | $5.9B | $165.9M | ||
| Q2 25 | $5.7B | $140.7M | ||
| Q1 25 | $7.4B | $295.8M | ||
| Q4 24 | $7.9B | $205.7M | ||
| Q3 24 | $7.5B | $93.9M | ||
| Q2 24 | $8.1B | $62.4M |
总债务ADBEPLUG
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | — | ||
| Q3 25 | $6.2B | — | ||
| Q2 25 | $6.2B | — | ||
| Q1 25 | $6.2B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.1B | $3.9M | ||
| Q2 24 | $4.1B | $3.7M |
股东权益ADBEPLUG
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $978.1M | ||
| Q3 25 | $11.8B | $1.4B | ||
| Q2 25 | $11.4B | $1.7B | ||
| Q1 25 | $13.1B | $1.9B | ||
| Q4 24 | $14.1B | $1.7B | ||
| Q3 24 | $14.5B | $3.0B | ||
| Q2 24 | $14.8B | $3.0B |
总资产ADBEPLUG
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $2.6B | ||
| Q3 25 | $28.8B | $3.1B | ||
| Q2 25 | $28.1B | $3.4B | ||
| Q1 25 | $30.0B | $3.6B | ||
| Q4 24 | $30.2B | $3.6B | ||
| Q3 24 | $29.8B | $4.7B | ||
| Q2 24 | $30.0B | $4.8B |
负债/权益比ADBEPLUG
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.28× | 0.00× | ||
| Q2 24 | 0.28× | 0.00× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $3.0B | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $-153.0M |
| 自由现金流率自由现金流/营收 | 45.7% | -67.9% |
| 资本支出强度资本支出/营收 | 0.6% | 1.9% |
| 现金转化率经营现金流/净利润 | 1.57× | — |
| 过去12个月自由现金流最近4个季度 | $10.3B | $-647.0M |
8季度趋势，按日历期对齐
经营现金流ADBEPLUG
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $-148.6M | ||
| Q3 25 | $2.2B | $-89.8M | ||
| Q2 25 | $2.2B | $-191.8M | ||
| Q1 25 | $2.5B | $-105.6M | ||
| Q4 24 | — | $-131.2M | ||
| Q3 24 | $2.0B | $-174.9M | ||
| Q2 24 | $1.9B | $-254.7M |
自由现金流ADBEPLUG
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $-153.0M | ||
| Q3 25 | $2.1B | $-117.5M | ||
| Q2 25 | $2.1B | $-230.4M | ||
| Q1 25 | $2.5B | $-146.0M | ||
| Q4 24 | — | $-165.2M | ||
| Q3 24 | $2.0B | $-234.2M | ||
| Q2 24 | $1.9B | $-356.0M |
自由现金流率ADBEPLUG
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | -67.9% | ||
| Q3 25 | 35.5% | -66.4% | ||
| Q2 25 | 36.5% | -132.5% | ||
| Q1 25 | 43.0% | -109.2% | ||
| Q4 24 | — | -86.3% | ||
| Q3 24 | 36.3% | -134.8% | ||
| Q2 24 | 35.8% | -248.4% |
资本支出强度ADBEPLUG
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 1.9% | ||
| Q3 25 | 1.2% | 15.6% | ||
| Q2 25 | 0.8% | 22.2% | ||
| Q1 25 | 0.5% | 30.3% | ||
| Q4 24 | — | 17.7% | ||
| Q3 24 | 1.1% | 34.1% | ||
| Q2 24 | 0.8% | 70.7% |
现金转化率ADBEPLUG
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | — | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 1.30× | — | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.23× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ADBE
| Subscription Revenue | $6.2B | 97% |
| Service Other | $110.0M | 2% |
| Products | $90.0M | 1% |
PLUG
| Sales Of Equipment And Related Infrastructure | $111.6M | 50% |
| Services Performed On Fuel Cell Systems And Related Infrastructure | $41.5M | 18% |
| Power Purchase Agreements | $36.1M | 16% |
| Sale Of Cryogenic Equipment | $20.0M | 9% |
| Sales Of Fuel Cell Systems | $11.2M | 5% |
| Other | $4.8M | 2% |
